JP Morgan fined $920m over 'woefully deficient' London Whale controls
UK and US authorities fine bank over $6.2 billion trading losses in July 2012
JP Morgan has been fined $920 million by US and UK authorities over control failures surrounding its $6.2 billion trading losses sustained in 2012 – also known as the 'London Whale' trades.
The UK's Financial Conduct Authority (FCA) fined the bank £137.6 million ($220 million). In the US, the Office of the Comptroller of the Currency (OCC) announced a $300 million civil money penalty action; the Federal Reserve Board issued a $200 million penalty; while the Securities and Exchange Commission
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